1984-04-02 - Resolution 1984-16 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDSRESOLUTION NO. 84 16
A RESOLUTION PROVIDING FOR THE RETIREMENT OF CERTAIN
M1JNICIPAL INDEBTEDNESS BY TI{E USE OF MOTOR FUEL TAX FUNDS
Buffalo Grove, Cook and Lake CounEies, IllinoisWHEREAS, the Village of
has outstanding indebtedness described as follows:
Corporate Purpose Bonds Series 1982-A
Princlpal 0utstanding $5,025,000.00
Calendar 1984 Principal Due 5275,000,00
Calendar 1984 Interest Due $467,787.50
Date:
Date:
N/A
June 1, 1984 and
December 1, f9 84
and
WHEREAS, ln the opinion of the President and Board of Trustees of the
Village of Buffalo Grove, a portion of the indebtedness described 1n the
preceding paragraph equal to 41.677" ot the annual debt service may be retired
with the funds al-loted to the Village under the Motor Fuel Tax Law; and
WIIEREAS, it appears that sufficient Motor Fuel Tax Funds are or will be
available when the above j.ndebEedness is due for calendar 1984; and
WHEREAS, the President and Board of Trustees of the Village of Buffalo
Grove has, by Ordinance No. 83-56 adopted December 5, f983' directed the Clerks
of Cook and Lake Counties to cancel a portion of the 1983 tax levy (for taxes
collected ln 1984) whj-ch would have produced funds to Pay thls indebtedness.
NOW, THEREFORE, BE IT RESOLVED by the Presldent and Board of Trustees of
the Village of Buffalo Grove, Cook and Lake Counties, Illinois that:
1, There is hereby appropriated the sum of One Hundred Thousand Dollars
($100,000.00) from funds alloted to the municipality under the Motor
Fuel Tax Law for payment of a portion of the above described iodebtedness.
2. The VLllage Clerk shall iurediately Eransnit three (3) certified copies
of thls resolutj-on to the Region/Distrlct Engineer, Illinois Depart-
mentofTransportation,at1000PlazaDrlve,Schaumburg,Illinois60196'
3 Ttris resolution shall be in ful1 force and effect upon lts
passage and approval.
AYES: 6 - Marienthal, Stone, OrReilIy, Hartstein, Glover, Reid
NAYES: 0 - None
ABSENT: 0 - None
PASSED: April 2 1984.
1984.APPR0VED: 4!41 2
=_La.__xvilage President
ATTEST:
\'e"i'nt-. &*l,,.*
Vi-tagJ crerta
CG
CERTIFICATION
Cancellation of Ta1 Levy
STATE OF I LL INO I S
COUNTY OF COOK
l, STANLEY T. KUSPER, Clerk of Cook County, do hereby certify
that the 1983 tax levy (for taxes collectible in .l984) for the
payment of principal and interest on the fol lowing described
bond issue of the village of Buffalo Grove was partially abated
in the amount of S321,650.00 and stated arnount was not extended:
Village of Buffalo Grove Corporate Purpose Bonds Series
lssue S 5,02 5,000.0 0
Dated December l, 1982
0rd inance #83-56 (nuatement)
0rdinance #82-35 (Authorization s Levy)
r 982-A
siened this aay or fl4s/!,19 gq
COUNT RK
(SEAL)
RESOLUTION NO. 84 - 16
A RESOLUTION PROVIDING TOR THE RETIREMENT OF CERTAIN
MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDS
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties, Illinois
has outstanding indebtedness described as follows:
Corporate Purpose Bonds Series 1982-A
Principal Outstanding $ 5 ,025 ,000 .00
Calendar 1984 Principal Due $275,000.00
Calendar 1984 Interest Due $467,781 ,50
Date:
Date:
N/e
June 1, 1984 and
December 1, 1984
and
IIHEREAS, in the opinion of the President and Board of Trustees of the
Village of Buffal-o Grove, a portion of the indebtedness described in the
preceding paragraph equal to 4L.67% of. the annual debt service may be retired
with the funds alloted to the Village under the Motor Fuel Tax Lar^r; and
WHEREAS, it appears that sufficient Motor Fuel Tax Funds are or will be
available when the above indebtedness ls due for calendar 1984; and
WIIEREAS, the President and Board of Trustees of the Village of Buffalo
Grove has, by 0rdinance No, 83-55 adopted December 5' 1983, directed the Clerks
of Cook and Lake Counties to cancel a portj-on of the 1983 tax levy (for taxes
collected in 1984) which would have produced funds to pay this indebtedness.
NOW, IHEREFoRE, BE IT RESoMD by Ehe President and Board of Trustees of
the village of Buffalo Grove, Cook and l,ake Countles' Illinois that:
1. There is hereby appropriated the sum of One I{undred Ihousand Dollars
($100,000.00) from funds alloted to the municlPallty under the Motor
Fuel Tax Law for palrnent of a portlon of the above described j-ndebtedness.
2. The Vlllage Clerk shall innediaEely transmit three (3) certlfied coPies
of thls resolution to the Region/Dtstrict Engineer, Illinols Depart-
ment of TransPortation, at 1000 Plaza Drive, Schaumburg, IlLinois 60196.